This report records the results of the National Audit Office's examination of the steps being taken to achieve value for money at 70 grant-maintained schools in England. The report shows that most grant-maintained schools have responded well to the challenge of managing their own finances. There were numerous examples of schools implementing good practice as regards ensuring propriety and achieving value for money. The National Audit Office recognised that schools' experience of financial management is still relatively limited, and that some schools needed to tighten up procedures, particularly in relation to strategic planning and purchasing.